The Nifty 50 staged a stellar recovery after a day of correction, surging 1.6 percent and closing above the previous day's high on October 13, backed by IT stocks. The index formed a bullish engulfing-like candlestick pattern on the daily chart, signalling a strong comeback by the bulls. Over the past three trading sessions, particularly after hitting an 18-month low on October 8, the index has successfully defended the 22,200 level, which could continue to act as a crucial support going forward. Meanwhile, the 22,500–22,600 zone may serve as an immediate support area. On the upside, the index needs to decisively break above the immediate resistance zone of 22,800–22,900 to sustain the momentum and extend its uptrend beyond 23,000, experts said.
Here are 15 data points we have collated to help you spot profitable trades:
Resistance based on pivot points: 22,743, 22,845, and 23,011
Support based on pivot points: 22,412, 22,309, and 22,144
Resistance based on pivot points: 55,568, 55,760, and 56,072